Selling your Home for More!!
10 Traps to Avoid
Common Seller Mistakes
1. Is the price of your home way too high?
Overpricing is the most common reason homes don’t sell. Even if you find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will not work. Want to find a reasonable price? Ask your agent for a CMA.
If your home remains on the market too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn’t selling.
2. Your Home doesn’t look inviting?
Is your home competing against shiny new houses in pristine new subdivisions with attractive prices, incentives and community amenities? Mostly even the best old home needs a little makeover, if it hopes to attract a qualified buyer.
3. Lousy listing agent – Get Away!
It is a sorry situation to have a real estate agent who misrepresents and under performs or even is a silent spectator to the unfortunate events. Hire an agent you feel comfortable about representing your image and your best interests. You want
someone who can get the job done for you and represent you professionally. Here are some common mistakes sellers make in choosing their agent:
- Making a decision at the spur of the moment without probing further and asking more questions.
- Choosing an agent just because they agree to everything you say. Falling for an agent who sounds like a salesperson.
- Hiring an agent without references and research about past sales, recent customers and motivations.
- Choosing an agent who charges the lowest commission. A low commission could also mean low effort and negligible marketing on the part of the agent to get your home sold.
- Try to find an agent who is:
Aware of the latest changes.
Continuously updating their skills by attending seminars.
Using technology to market homes.
4. Are you battling tough competition?
In a seller’s market, homes go fast. The number of houses on the market is low, meaning less competition for you. But in a buyer’s market, sales are slow, the number of homes on the market grows and buyers can find bargains, especially when they know the seller is motivated.
5. You lack the Marketing paraphernalia and the technology that makes it ever so simple.
It is tough these days for an agent to simply put your listing with the local multiple listing service (MLS), hold a halfhearted open house and wait for another agent to bring forth a buyer.
? More than 1/3rd of all homebuyers used the Internet for house hunting.
? 90% of all buyers with incomes of over $100,000 begin their search for a new home on the Internet.
The best real estate agents are computer-savvy and take advantage of email and Internet marketing. They feature your listings, virtual tours and send you reports tracking the progress of each listing.
6. Aggressive selling tactics may scare the buyer away
Buying a home is a big investment and a decision that requires a lot of thinking, discussing and sleeping over. Try not to sound too pushy in your conversations with the buyer. Make sure your agent is assertive and yet gentle. Be prepared for questions and provide friendly suggestions.
7. Over decorating the home to conform to your taste
The prospective buyer would like to imagine the home according to their tastes, colors and setting.
- Keep the decoration and additional arrangements to a minimum.
- Allow the buyer to see as much of the home without your personal belongings and interior decoration.
- It may be a good idea not to be present when the buyer is coming to see the home. This will allow the buyer to look around the house. They may hesitate to do so if you are present.
8. Separate the grain from the husk – Eliminate window shoppers early in the
Try to identify prospective buyers who are serious about purchasing the property in
the near future. You may encounter a number of people who are many months away from buying and they are just ‘looking around’. You want to focus your efforts on buyers who are serious and close to making a decision.
Your real estate agent with experience in discerning realistic potential buyers will be able to help you here. Your agent may research and ask relevant questions to determine potential buyers.
9. Read the contract and familiarize yourself with your obligations and rights
Make sure that you read the fine print before you sign. If you don’t understand something, ask for an explanation. Consult with your agent and lawyer if possible.
Crucial information can be hidden between complex and confusing sentences. Not taking notice of this information can lead to a lot of frustration and expenses relating to inspections and repairs. Clearly understand your responsibilities and liability during and after the sale.
10. Accepting the offer without careful consideration to important factors
No doubt you don’t want your home to languish on the market for too long. Make sure your Real Estate Agent goes over not only the purchase price but all the terms and conditions very carefully. Analyze other factors like:
- Down payment.
- Appraisal contingency/Loan Contingency.
- Reasons why the buyer is buying the home.